Värde Partners Prices $1B CRE CLO Backed by Multifamily, Industrial Loans
Värde Partners has closed VMC 2026-FL6, a $1 billion commercial real estate collateralized loan obligation representing the firm’s largest CRE CLO to date and its 13th CRE securitization overall. The transaction was backed entirely by loans originated through Värde’s proprietary CRE lending platform and reflects a diversified mix of U.S. property markets and asset types.
The initial pool consists of 19 floating rate mortgages secured by 40 properties across 16 states. Multifamily and industrial properties account for more than 66% of the initial portfolio. The transaction carries an implied advance rate of 88.625%, a BBB- credit enhancement of 11.375%, and a weighted average spread at issuance of Term SOFR plus 1.91% before transaction costs, structured with a 30-month reinvestment period.
“The strong investor interest and pricing achieved on this transaction underscores the credit quality of the portfolio, and this issuance provides attractive financing as we continue deploying capital on behalf of our LPs,” said Melissa Band, Managing Director and Head of Capital Markets at Värde Partners.
Wells Fargo Securities served as sole structuring agent and lead-left joint bookrunner, alongside Goldman Sachs, Morgan Stanley, and ATLAS SP Securities as joint bookrunners. Cadwalader, Wickersham & Taft provided legal counsel.
Since 2017, Värde has originated approximately $8.5 billion in U.S. CRE loans and has successfully paid off nine prior CRE CLO transactions.
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